The SEC's public mission also includes maintaining fair, orderly, and efficient markets, and facilitating capital formation. Both would be well served by an explanation as to how the SEC distinguishes between security tokens and non-security tokens.
Did you read the guide I linked to above? From its first paragraph:
> In this guidance, we provide a framework for analyzing whether a digital asset has the characteristics of one particular type of security – an "investment contract."[4] Both the Commission and the federal courts frequently use the "investment contract" analysis to determine whether unique or novel instruments or arrangements, such as digital assets, are securities subject to the federal securities laws.
